MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend.
MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines.
Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point.
This level is the $1,000 mark, which was broken last week, for the first time since December 2020.
However, bulls seem to have re-entered following this multi-year low, and using this as an opportunity to “buy the dip”.
As of writing, earlier gains have somewhat eased, with MKR trading around $40 lower than today’s previous peak.
This comes as the 14-day RSI hit a resistance point of its own, at the 43 level, which likely triggered bulls into selling.
AVAX was also higher for a second consecutive session, moving away from a ten-month low in the process.
Following a drop to $13.91, which is its lowest point since August 2021 over the weekend, AVAX/USD rebounded to start the week.
This surge saw prices hit an intraday high of $17.82, which is over 15% higher than the low during the weekend.
Bulls now seem set on taking prices back towards a key resistance level of $22, and this might be a realistic target, following another breakout.
This breakout is of the ceiling on the 14-day RSI of 34.75, which was broken earlier today, with the indicator now tracking at 36.70.
Should we hit $22, some bulls will likely exit at this point, choosing to secure profits, rather than attempt to maintain momentum.
Could we hit $22 in the next few days? Let us know your thoughts in the comments.